Energy SPACs performance and governance

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-04-08 DOI:10.1016/j.eneco.2025.108478

Nebojsa Dimic , Mario Hernandez Tinoco , Vanja Piljak , Milos Vulanovic

引用次数: 0

Abstract

This study examines the performance of Special Purpose Acquisition Companies (SPAC) operating in the energy sector. Existing since 2003 and labeled as a new asset class, SPACs brought structural changes in the IPO market and outnumbered traditional IPOs in the last few years. A significant proportion of SPACs entering the market are energy-related. This paper analyzes a sample from 2003 to 2023 and provides novel insights on Energy SPAC's financial returns and corporate governance characteristics. We document that Energy SPACs exhibit positive returns at the merger announcement, while merger and long-term returns are negative. Moreover, among the corporate governance characteristics, the most prominent variable is the foreign origin of the CEO.

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.